Annual inflation in Istanbul reaches 72.73 percent

According to ITO data, retail prices in Istanbul increased by 3.69 percent in October compared to the previous month, rising by 72.73 percent annually.

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Annual inflation in Istanbul reaches 72.73 percent

The rate of change compared to the same month of the previous year, which shows price changes in October 2023 compared to October 2022, was 72.73 percent in the Istanbul Chamber of Commerce (ITO) 1995-based wage earners' cost of living index, and 64.04 percent in the wholesale price index. Thus, annual inflation in Istanbul has exceeded 70 percent.

MONTHLY INFLATION AT 3.69 PERCENT

In October 2023, the Istanbul Wage Earners' Cost of Living Index, which is an indicator of retail price movements in Istanbul, increased by 3.69 percent compared to the previous month, while the wholesale price index, which reflects wholesale price movements, increased by 3.53 percent.

In October 2023, compared to the previous month, retail prices saw an increase of 15.33 percent in the clothing expenditure group, 4.58 percent in health and personal care expenditures, 4.28 percent in food expenditures, 4.05 percent in household goods expenditures, 1.82 percent in housing expenditures, and 0.08 percent in other expenditures, while a decrease of 1.38 percent was observed in culture, education, and entertainment expenditures, and a decrease of 2.33 percent in transportation and communication expenditures.

In October 2023, compared to the previous month, wholesale prices saw an increase of 5.22 percent in the food products group, 4.57 percent in the textiles group, 2.50 percent in the construction materials group, 2.38 percent in the chemical substances group, 1.95 percent in the metals group, 1.73 percent in the raw materials group, and 1.33 percent in the fuel and energy materials group.

News Source: İHA